Annapurna Studios, a leading production facility founded by the late Akkineni Nageswara Rao and for which his son, actor-businessman Nagarjuna, is Managing Director, is said to have received notices from two public sector banks for recovering loans to the tune of Rs. 62 crore.
The financial institutions in question are Andhra Bank and Indian Bank and the loans were given to the 7 Acres Studios that is located adjacent to the main Annapurna Studios. Family members and those working with the studios denied that the banks had ‘seized’ the facility and said scheduled shootings and post-production work of other studios were going on.
